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State Fair

State Fair of Texas

by Resources

Are you as excited as we are for the state fair? Today is the big day.  Here is a little history and awesome facts that you may not know.

The early days

The Dallas State Fair & Exposition, to which the present State Fair of Texas traces its origin, was chartered as a private corporation on Jan. 30, 1886, by a group of Dallas businessmen including W.H. Gaston, John S. Armstrong, and Thomas L. Marsalis. James B. Simpson was elected president of the association, and Sidney Smith was appointed as the first secretary.

A Fair split

Differences arose among the directors over where to build the new fairgrounds. Gaston proposed property in East Dallas, an 80-acre tract located within the modern boundaries of Fair Park. Strong opposition was voiced by C.A. Keating, speaking for the farm implement dealers. When no compromise could be reached, Keating and his supporters secured a charter for a separate event, the Texas State Fair & Exposition, which they announced would open just north of town on Oct. 25 – one day ahead of the Dallas State Fair.

The new plan

Exhibit facilities and a racetrack were built at each location, and both events attracted sizable crowds that fall. Attendance at the Dallas State Fair was estimated in excess of 100,000. But revenues for the fairs failed to meet expenses. The rival associations merged in 1887 becoming the Texas State Fair & Dallas Exposition. Despite indebtedness of more than $100,000, the directors voted to expand the fairgrounds by purchasing 37 acres adjacent to the East Dallas site.

Turn of the century troubles

The finest racing stock, cattle sales, concerts, balloon ascents, displays of farm machinery, contests for the ladies, and appearances by such notables as John Philip Sousa, William Jennings Bryan, Carrie Nation and Booker T. Washington brought thousands of Texans to the Fair each year. But the popular success of the exposition was shadowed by repeated fires, mishaps and mounting debt. A grandstand collapsed during a fireworks show in 1900, and the main exhibit building burned to the ground two years later. When the Texas Legislature banned gambling on horse races in 1903, thereby eliminating the Fair’s main source of income, the association faced a financial crisis. To protect this valuable community asset, the Texas State Fair spurned offers from developers and sold its property to the City of Dallas in 1904 under an agreement that set aside a period each fall to hold the annual exposition.

Starting fresh

The reorganized State Fair of Texas prospered immediately, establishing new records for receipts and attendance as 300,000 people streamed through the gates in 1905. President William Howard Taft visited the Fair in 1909, and Woodrow Wilson delivered a speech in 1911. Automobile races and stunt flying exhibitions became the top attractions. Attendance topped the 1 million mark in 1916. World War I caused the 1918 State Fair to be canceled, and Fair Park was converted into a temporary army encampment.

Coming attractions

The 1920s brought significant development and increased activity to the fairgrounds. A magnificent auditorium – which eventually would be known as the Music Hall – was completed in 1925, and outstanding New York shows were presented to Texas audiences for the first time. The Texas-OU football game was established as an annual fairtime event in 1929. And in 1930, the race track complex was razed to permit construction of 46,000-seat Fair Park Stadium – later renamed the Cotton Bowl.

Fair Park flourishes

In 1934, largely through the efforts of civic leader R.L. Thornton, Fair Park was selected as the central exposition site for the proposed Texas Centennial celebration. No state fair was scheduled in 1935, and construction began on a $25 million project that transformed the existing fairgrounds into a masterpiece of art and imagination. The 1936 Texas Centennial Exposition attracted more than 6 million people during its six-month run. A similar but smaller-scaled event, the Pan American Exposition, was presented in 1937. No fairs were held from 1942-1945. Following World War II, under the leadership of R.L. Thornton, the State Fair of Texas entered an era of unprecedented growth. Attendance reached the 2 million visitor level in 1949.

Big Tex finds a home

Highlights of the 1950s included the development of an international livestock show, installation of a monorail system, a Cotton Bowl concert by Elvis Presley, a visit from Vice President Richard Nixon and the first appearance of Big Tex, a 52-foot cowboy figure erected in the center of the grounds.

Since 1960, each exposition has been keyed to a theme. In 1968, the total number of fairgoers exceeded 3 million for the first time. Major renovation of the Cotton Bowl and Music Hall was accomplished during the 12 years that Robert B. Cullum served as State Fair president.

A Landmark Anniversary

Tragic midway accidents in 1979 and 1983 led to the adoption of a ride safety program that is considered a model for the amusement industry. Opening Saturday of 1985 was designated as “Eddie Robinson Day.” The legendary coach of the Grambling University Tigers led his team to victory over Prairie View in the Cotton Bowl to become the winningest coach in college football. In 1986, Fair Park was designated a National Historic Landmark, and the State Fair of Texas hosted a 31-day exposition celebrating both the Texas Sesquicentennial and the Fair’s own 100th anniversary.

The Fair as you know it

As the Fair moved into its second century of operation, new leadership assumed command. In 1988, Errol W. McKoy was named president with responsibility for the organization’s daily operation. The traditional fair season was extended from 17 to 24 days, and corporate sponsorship began to play an increasingly important role in programming. Involvement by major companies made it possible for the State Fair of Texas to offer its visitors a range of exhibits, entertainment, and services that are unmatched by any annual exposition in North America.

On the final Friday of the 2012 State Fair – October 19, 2012 – a fire due to an electrical short started in the base of the beloved icon, Big Tex. Dallas Fire Rescue rushed to the scene, but it was too late, the structure was destroyed. But, like any tall, proud Texan would do, this cowboy showed up for work in 2013. Big Tex returned to the State Fair in grand fashion with a Texas-sized welcome back celebration held on September 27, 2013. As he had done for many years, Tex breathed in a breath of fresh Texas air and said, “Howdy, Folks!,” to the world.

The State Fair board elected a new president in the spring of 2014 as Errol McKoy hung up his cowboy hat for retirement. Mitchell Glieber, who had served the Fair since 1999 in marketing roles, took over and first on his to-do list was to refresh the mission statement of the 128-year nonprofit organization. Not only did he want to continue putting on a world class event every year, he also wanted the State Fair of Texas organization to be known as a great community partner.

The State Fair of Texas celebrates all things Texan by promoting agriculture, education, and community involvement through quality entertainment in a family-friendly environment.

As a celebration of Texas heritage, the State Fair aims to embody all aspects of Lone Star culture. Although much has changed since its humble beginnings as a local fair and exposition, the State Fair of Texas embraces its historical roots and strives to preserve the traditions upon which it was built.

Source: State Fair of Texas https://bigtex.com/about-us/history/

Going up in a red balloon

Plano Balloon Festival – September 20-22, 2019

by Resources

We all look forward to the Plano Balloon Festival this time of year.  Did you know that this year marks the 40th year of Ballooning in Plano and Collin County?

This three day event starts Friday at 4:00 pm at Oak Point Park – 2801 E. Spring Creek Parkway in Plano. The balloon launch is at 6:00 pm on Friday and 7:00 am and 6:00 pm on Saturday and Sunday (weather permitting). There are also a ton of fun events for the whole family.

Go to Plano Balloon Festival website and see the full schedule of events.

Remine At-A-Glance

by Ask the ExpertEducationTechnologyVideo

Did you know that there is a program that allows you to farm neighborhoods much more efficiently?  Our Technology Trainers, Annette and Robin, teach a great class that dives into how Remine can change your farming game. 

Check out our Remine At-A-Glance class and learn how to better farm neighborhoods.

Click this link to sign up for this class or any of our other classes offered by wonderful and knowledgeable trainers.

Title Insurance Rate Change Effective September 1, 2019 – Reminder

by ResourcesTitle Information

Please note that beginning September 1, 2019, there will be a change to the basic premium rate for title insurance including an overall adjustment of -4.9 percent.

The Texas Commissioner of Insurance has issued an order adjusting the basic premium rate for title insurance and amending R-5, R-8 and R-20.

Summary of Changes

Basic Premium Rate – Includes an overall rate adjustment of -4.9 percent, a starting base rate of $25,000 and three new rate tiers for policies with face values over $25, $50 and $100 million.

Refinance Rate Amendment – Amends Rate Rule R-8 to provide for a 50 percent credit within the first four years and a 25 percent credit between four and eight years.

Simultaneous Issue Discount Expansion in R-5 – Allows a simultaneous issue rate credit for 90 days on transactions $5 million and above. The premium is $100 for each loan policy under these circumstances.

Construction Credit Expansion in R-20 – An extension of the credit for developers of large construction projects from one year to two years with a simultaneous issue rate for the loan policy.

These new rates will go into effect on all transactions that close (the date the papers are signed) starting on September 1, 2019.

Read the Order and View the Amendments

These changes are outlined in TDI’s adoption order. The revised rate chart and amended rules can be found in the following exhibits:

  • Exhibit A – Basic Premium Rates; Calculation for Policies in Excess of $100,000 with Examples
  • Exhibit B – (R-5) Simultaneous Issuance of Owner’s and Loan Policies
  • Exhibit C – (R-8) Loan Policy on a Loan to Take Up, Renew, Extend, or Satisfy an Existing Lien(s)
  • Exhibit D – (R-20) Owner’s Policy After Construction Period

Republic Title Online Resources

Please visit our website for additional online resources including:

As always, please feel free to contact your escrow officer if you have any questions about the new rates.  If you would like printed rate cards or need help using our online calculator, please contact one of business development representatives.

2018 – 2019 School Accountability Ratings Are Now Available

by EducationResources

The 2018-2019 School Accountability Ratings have been released by Texas Education Agency. Click here for full ratings information for the DFW Area.  

If you would like more information regarding these ratings and other school related information, please visit the Texas Education Agency website.

Disclaimer:  This information was furnished by outside parties and Republic Title makes no claim to the accuracy.  Please contact the school district or the Texas Education Agency directly for any further information or explanation of ratings.

Back To School Safety Tips

by Resources

 It’s that time of year again when parents and children across the country are preparing to go back to school. Here are some great tips from ADT to help you and your student to be safe and have a great year!

School Zone Driving Safety Tips

  • Be on the lookout for school zone signals and ALWAYS obey the speed limits.
  • When entering a school zone, be sure to slow down and obey all traffic laws.
  • Always stop for school busses that are loading or unloading children.
  • Watch out for school crossing guards and obey their signals.
  • Be aware of and watch out for children near schools, bus stops, sidewalks, in the streets, in school parking lots, etc.
  • Never pass other vehicles while driving in a school zone.
  • Never change lanes while driving in a school zone.
  • Never make U-Turns while driving in a school zone.
  • Never text while driving in a school zone.
  • Avoid using a cell phone, unless it is completely hands-free, while driving in a school zone.
  • Unless licensed to do so, never use handicap or emergency vehicle lanes or spaces to drop off or pick up children at school.

Riding Your Bike to School

  • Check with the school to make sure your child is allowed to ride their bicycle to school. Some schools do not allow students to ride bicycles to school until they reach a specific grade.
  • Make sure your child always wears a bicycle helmet! Failure to wear one could result in a traffic citation. Furthermore, in the event of an accident, helmets reduce the risk of head injury by as much as 85 percent.
  • Obey the rules of the road; the rules are the same for all vehicles, including bicycles.
  • Always stay on the right-hand side of the road and ride in the same direction as traffic.
  • Be sure your child know and uses all of the appropriate hand signals.
  • Choose the safest route between home and school and practice it with children until they can demonstrate traffic safety awareness.
  • If possible, try to ride with someone else. There is safety in numbers.

Playground Safety

  • MA supervisor must always be present when children are at the school’s playground. Make sure your school has someone who monitors the playgrounds at all times.
  • Playground equipment should be surrounded by shock-absorbing material that is at least nine inches thick.
  • Protective surfaces should extend six feet in all directions around the playground equipment. For swings, it should extend twice the height of the set.
  • Due to strangulation hazards, do not attach ropes, jump ropes, clotheslines, pet leashes or cords of any kind to playground equipment.
  • Be watchful of sharp edges or points on equipment.
  • Alert the school if you notice anything strange about the playground equipment at your child’s school.
  • Spaces that can trap children, such as openings between ladder rungs, should measure less than three and a half inches or more than nine inches.
  • All elevated surfaces, such as ramps, should have guardrails to prevent falls.

Walking to School

  • Leave early enough to arrive at school at least 10 minutes prior to the start of school.
  • Use the same route every day and never use shortcuts.
  • Go straight home after school. Do not go anywhere else without permission.
  • Always use public sidewalks and streets when walking to school.
  • Demonstrate traffic safety awareness and pick the safest route between your home and the school and practice walking it with your children.
  • Try and walk to school with other students. There is strength in numbers.
  • Teach your children to recognize and obey traffic signals, signs, and pavement markings.
  • Only cross streets at designated crosswalks, street corners and traffic controlled intersections.
  • Always look both ways before crossing the street and never enter streets from between obstacles like parked cars, shrubbery, signs, etc.
  • Always walk and never run across intersections.
  • Avoid talking to strangers. Teach your children to get distance between themselves and anyone who tries to approach or make contact with them.
  • If a stranger does approach your child, make sure they know to immediately report the incident to you or a teacher.
  • Teach your children to never get into a vehicle with anyone, even if they know them, without your permission.

Clothing and School Supplies

  • To prevent injury, backpacks should have wide straps, padding in the back and shoulders, and should not weigh more than 10 to 15 percent of a child’s body weight.
  • When placing items in a backpack, place the heavier items in first. The closer the heavier items are to a child’s back, the less strain it will cause.
  • Children should use both backpack straps and all compartments for even distribution of weight.
  • Remove drawstrings from jackets, sweatshirts, and hooded shirts to reduce the risk of strangulation injuries.
  • Art supplies in the classroom should always be child safe and non-toxic. Be sure they have “CONFORMS TO ASTM D-4236” on their packaging.
  • Make sure your child’s school is up-to-date on the latest recalled children’s products and toys.

School Bus Safety

  • Make habit of arriving at the bus stop at least five minutes before the scheduled arrival of the bus.
  • Make sure your child stays out of the street and avoids excessive horseplay while waiting for the school bus.
  • Be sure the bus comes to a complete stop before getting on or off.
  • When riding the bus, make sure your child understands they must remain seated and keep their head and arms inside the bus at all times.
  • Do not shout or distract the driver.
  • Do not walk in the driver’s “blind spot” — this is the area from the front of the bus to about 10 feet in front of the bus.

Source: https://www.adt.com/resources/back-to-school-safety

Sold Home For Sale Real Estate Sign in Front of Beautiful New House.

After Closing Reminders For Sellers

by Real Estate ArticlesResourcesTitle Information

Your house has sold and the deal is closed.  Now what do you do?

Here are some reminders for you as the seller:

  • Cancel your homeowners insurance with your insurance agent once the transaction has closed, funded and your personal items have been removed from the home. There may be a prorated refund of your homeowner’s policy, based on the latest renewal date, owed to you. If you are remaining at the property after closing, you should notify your insurance agent of this change.
  • Cancel your auto deduction for your house payment with your current lender if applicable.
  • Your lender will refund all monies left in your escrow account approximately 15 to 30 business days after receipt of the payoff funds. The lender will mail a package containing your original Promissory Note marked “PAID” and the other loan file documents. Retain these for future reference. When you receive this confirmation, you may also receive a “Release of Lien” or “Reconveyance of Lien” from your lender. If the release does not appear to have been recorded with the County Clerk’s office, please forward it to your closer at the title company. We have collected for the recording of the document at closing and will send it to the County to be filed, thereby releasing the lien of record.
  • Depending on what time of the year you sold your property, the Taxing Appraisal District may not have updated the account to show a change in ownership. If you receive a Tax Bill for the property that you sold, refer to your closing statement and send the bill to the new owners.
  • You will receive a Substitute Form 1099-S from Republic Title within 30 days of closing. In addition, retain your closing statement, it serves as a Substitute Form 1099-S for tax purposes.

We hope these tips have been helpful to you in answering any post closing questions you may have had. As always, please do not hesitate to contact your closer should you have any questions. Thank you for allowing us to be a part of this transaction.

Click here for printable version.

Home For Sale Real Estate Sign in Front of Beautiful New House.

Updated Seller’s Disclosure Notice Effective September 1st

by Real Estate ArticlesResourcesTitle Information

The Texas Real Estate Commission has released an updated Seller’s Disclosure Notice for mandatory use Sept. 1.

It’s available for voluntary use immediately.

As of Sept. 1, 2019, the new Seller’s Disclosure Notice has questions in paragraphs 6, 7 and 8 relative to floodplains, and includes definitions of the various categories according to FEMA.  In addition, questions about previous claims for flood damage or assistance from FEMA or SBA are also included.

The notice must also disclose a seller’s knowledge of water damage not due to a flood event and requires a seller to disclose whether a prior flood-related insurance claim was filed with an insurance provider or the seller received aid from FEMA.

Click here for the red-lined seller’s disclosure notice and click here for the blank seller’s disclosure notice.

 

Businessman holding modern buildings hologram, and home icon. Real estate business, building technology and smart home concept

Effective September 1, 2019: Texas Title Rate and Rule Revisions

by Real Estate ArticlesResourcesTitle Information

Please note that beginning September 1, 2019, there will be a change to the basic premium rate for title insurance including an overall adjustment of -4.9 percent.  Changes made in 2019 affect 2020 Texas title rates.

The Texas Commissioner of Insurance has issued an order adjusting the basic premium rate for title insurance and amending R-5, R-8 and R-20.

Summary of Changes

Basic Premium Rate – Includes an overall rate adjustment of -4.9 percent, a starting base rate of $25,000 and three new rate tiers for policies with face values over $25, $50 and $100 million.

Refinance Rate Amendment – Amends Rate Rule R-8 to provide for a 50 percent credit within the first four years and a 25 percent credit between four and eight years.

Simultaneous Issue Discount Expansion in R-5 – Allows a simultaneous issue rate credit for 90 days on transactions $5 million and above. The premium is $100 for each loan policy under these circumstances.

Construction Credit Expansion in R-20 – An extension of the credit for developers of large construction projects from one year to two years with a simultaneous issue rate for the loan policy.

These new rates will go into effect on all transactions that close (the date the papers are signed) starting on September 1, 2019.

Read the Order and View the Amendments

These changes are outlined in TDI’s adoption order. The revised rate chart and amended rules can be found in the following exhibits:

  • Exhibit A – Basic Premium Rates; Calculation for Policies in Excess of $100,000 with Examples
  • Exhibit B – (R-5) Simultaneous Issuance of Owner’s and Loan Policies
  • Exhibit C – (R-8) Loan Policy on a Loan to Take Up, Renew, Extend, or Satisfy an Existing Lien(s)
  • Exhibit D – (R-20) Owner’s Policy After Construction Period

Republic Title Online Resources

Please visit our website for additional online resources including:

As always, please feel free to contact your escrow officer if you have any questions about the new rates.  If you would like printed rate cards or need help using our online calculator, please contact one of business development representatives.

14 First-Time Homebuyer Mistakes To Avoid

by Real Estate ArticlesResources

Here is some great advice for the first-time homebuyer.

Buying your first home comes with many big decisions, and it can be as scary as it is exciting. It’s easy to get swept up in the whirlwind of home shopping and make mistakes that could leave you with buyer’s remorse later.

If this is your first rodeo as a homebuyer or it’s been many years since you last bought a home, knowledge is power. Along with knowing what issues to avoid, it’s important to glean first-time homebuyer tips from the pros so you know what to expect and what questions to ask.

First-time homebuyer mistakes

Here are 14 common first-time homebuyer mistakes, along with first-time homebuyer tips on how to avoid them:

  • Looking for a home before applying for a mortgage.
  • Talking to only one lender.
  • Buying more house than you can afford.
  • Moving too fast.
  • Draining your savings.
  • Being careless with credit.
  • Fixating on the house over the neighborhood.
  • Making decisions based on emotion.
  • Assuming you need a 20 percent down payment.
  • Waiting for the ‘unicorn.’
  • Overlooking FHA, VA and USDA loans.
  • Miscalculating the hidden costs of homeownership.
  • Not lining up gift money.
  • Not negotiating a homebuyer rebate.

    • 1. Looking for a home before applying for a mortgage

    Many first-time buyers make the mistake of viewing homes before ever getting in front of a mortgage lender. In some markets, housing inventory is still tight because there’s more buyer demand than affordable homes on the market. And in a competitive market, you could lose a property if you aren’t preapproved for a mortgage, says Alfredo Arteaga, a loan officer with Movement Mortgage in Mission Viejo, California.

    How this affects you: You might get behind the ball if a home hits the market you love. You also might look at homes that, realistically, you can’t afford.

    What to do instead: “Before you fall in love with that gorgeous dream house you’ve been eyeing, be sure to get a fully underwritten preapproval,” Arteaga says. Being preapproved sends the message that you’re a serious buyer whose credit and finances pass muster to successfully get a loan.

    2. Talking to only one lender

    This one is a biggie. First-time buyers might get a mortgage from the first (and only) lender or bank they talk to, potentially leaving thousands of dollars on the table.

    “A good mortgage loan officer can look at your situation and diagnose any potential roadblocks ahead to give you a clear understanding of your home-buying options,” Arteaga says.

    How this affects you: The more you shop around, the better basis for comparison you’ll have to ensure you’re getting a good deal and the lowest rates possible.

    What to do instead: Shop around with at least three different lenders, as well as a mortgage broker. Compare rates, lender fees and loan terms. Don’t discount customer service and lender responsiveness; both play key roles in making the mortgage approval process run smoothly.

    3. Buying more house than you can afford

    It’s easy to fall in love with homes that might stretch your budget, but overextending yourself is never a good idea. And with home prices still rising, this is easier said than done.

    How this affects you: Buying a home that exceeds your budget can put you at higher risk of losing your home if you fall on tough financial times. You’ll also have less wiggle room in your monthly budget for other bills and expenses.

    What to do instead: Focus on what monthly payment you can afford rather than fixating on the maximum loan amount you qualify for. Just because you can qualify for a $300,000 loan, that doesn’t mean you can afford the monthly payments that come with it. Factor in your other obligations that don’t show on a credit report when determining how much house you can afford.

    4. Moving too fast

    Buying a home can be complex, particularly when you get into the weeds of the mortgage process. Rushing the process can cost you later on, says Nick Bush, a Realtor with TowerHill Realty in Rockville, Maryland.

    “The biggest mistake that I see (first-time buyers make) is to not plan far enough ahead for their purchase,” Bush says.

    How this affects you: Rushing the process means you might be unable to save enough for a down payment and closing costs, address items on your credit report or make informed decisions.

    What to do instead: Map out your home-buying timeline at least a year in advance. Keep in mind it can take months — even years — to repair poor credit and save enough for a sizable down payment. Work on boosting your credit score, paying down debt and saving more money to put you in a stronger position to get preapproved.

    5. Draining your savings

    Spending all or most of their savings on the down payment and closing costs is one of the biggest first-time homebuyer mistakes, says Ed Conarchy, a mortgage planner and investment adviser at Cherry Creek Mortgage in Gurnee, Illinois.

    “Some people scrape all their money together to make the 20 percent down payment so they don’t have to pay for mortgage insurance, but they are picking the wrong poison because they are left with no savings at all,” Conarchy says.

    How this affects you: Homebuyers who put 20 percent or more down don’t have to pay for mortgage insurance when getting a conventional mortgage. That’s usually translated into substantial savings on the monthly mortgage payment. But it’s not worth the risk of living on the edge, Conarchy says.

    What to do instead: Aim to have three to six months of living expenses in an emergency fund. Paying mortgage insurance isn’t ideal, but depleting your emergency or retirement savings to make a large down payment is riskier.

    6. Being careless with credit

    Lenders pull credit reports at preapproval to make sure things check out and again just before closing. They want to make sure nothing has changed in your financial picture.

    How this affects you: Any new loans or credit card accounts on your credit report can jeopardize the closing and final loan approval. Buyers, especially first-timers, often learn this lesson the hard way.

    What to do instead: Keep the status quo in your finances from preapproval to closing. Don’t open new credit cards, close existing accounts, take out new loans or make large purchases on existing credit accounts in the months leading up to applying for a mortgage through closing day. Pay down your existing balances to below 30 percent of your available credit limit, and pay your bills on time and in full every month.

    7. Fixating on the house over the neighborhood

    Sure, you want a home that checks off the items on your wish list and meets your needs. Being nitpicky about a home’s cosmetics, however, can be short-sighted if you wind up in a neighborhood you hate, says Alison Bernstein, president and founder of Suburban Jungle, a real estate strategy firm.

    “Selecting the right town is critical to your life and family development,” Bernstein says. “The goal is to find you and your brood a place where the culture and values of the (area) match yours. You can always trade up or down for a new home; add a third bathroom or renovate a basement.”

    How this affects you: You could wind up loving your home but hating your neighborhood.

    What to do instead: Ask your real estate agent to help you track down neighborhood crime stats and school ratings. Measure the drive from the neighborhood to your job to gauge commuting time and proximity to public transportation. Visit the neighborhood at different times to get a sense of traffic, neighbor interactions and the overall vibe to see if it’s an area that appeals to you.

    8. Making decisions based on emotion

    Buying a house is a major life milestone. It’s a place where you’ll make memories, create a space that’s truly yours, and put down roots. It’s easy to get too attached and make emotional decisions, so remember that you’re also making one of the largest investments of your life, says Ralph DiBugnara, president of Home Qualified in New York City.

    “With this being a strong seller’s market, a lot of first-time buyers are bidding over what they are comfortable with because it is taking them longer than usual to find homes,” DiBugnara says.

    How this affects you: Emotional decisions could lead to overpaying for a home and stretching your budget beyond your means.

    What to do instead: “Have a budget and stick to it,” DiBugnara says. “Don’t become emotionally attached to a home that is not yours.”

    9. Assuming you need a 20 percent down payment

    The long-held belief that you must put 20 percent down payment is a myth. While a 20 percent down payment does help you avoid paying private mortgage insurance, many buyers today don’t want (or can’t) put down that much money. In fact, the median down payment on a home is 13 percent, according to the National Association of Realtors.

    How this affects you: Delaying your home purchase to save up 20 percent could take years, and you could limit cash flow that could be put to better use maximizing your retirement savings, adding to your emergency fund or paying down high-interest debt.

    What to do instead: Consider other mortgage options. You can put as little as 3 percent down for a conventional mortgage (note: you’ll pay mortgage insurance). Some government-insured loans require 3.5 percent down or zero down, in some cases. Plus, check with your local or state housing programs to see if you qualify for housing assistance programs designed for first-time buyers.

    10. Waiting for the ‘unicorn’

    Unicorns do not exist in real estate, and finding the perfect property is like finding a needle in a haystack. Looking for perfection can narrow your choices too much, and you might pass over solid contenders in the hopes that something better will come along. But this type of thinking can sabotage your search, says James D’Astice, a real estate agent with Compass in Chicago.

    How this affects you: Looking for perfection might limit your real estate search or lead to you overpaying for a home. It can also take longer to find a home.

    What to do instead: Keep an open mind about what’s on the market and be willing to put in some sweat equity, DiBugnara says. Some loan programs let you roll the cost of repairs into your mortgage, too, he adds.

    11. Overlooking FHA, VA and USDA loans

    First-time buyers might be cash-strapped in this environment of rising home prices. And if you have little saved for a down payment or your credit isn’t stellar, you might have a hard time qualifying for a conventional loan.

    How this affects you: You might assume you have no financing options and delay your home search.

    What to do instead: Look into one of the three government-insured loan programs backed by the Federal Housing Administration (FHA loans), U.S. Department of Veterans Affairs (VA loans) and U.S Department of Agriculture (USDA loans). Here’s a brief overview of each:

    FHA loans require just 3.5 percent down with a minimum 580 credit score. FHA loans can fill the gap for borrowers who don’t have top-notch credit or little money saved up. The major drawback to these loans, though, is mandatory mortgage insurance, paid both annually and upfront at closing.

    VA loans are backed by the VA for eligible active-duty and veteran military service members and their spouses. These loans don’t require a down payment, but some borrowers may pay a funding fee. VA loans are offered through private lenders, and come with a cap on lender fees to keep borrowing costs affordable.

    USDA loans help moderate- to low-income borrowers buy homes in rural areas. You must purchase a home in a USDA-eligible area and meet certain income limits to qualify. Some USDA loans do not require a down payment for eligible borrowers with low incomes.

    12. Miscalculating the hidden costs of homeownership

    If you had sticker shock from seeing your new monthly principal and interest payment, wait until you add up the other costs of owning a home. As a new homeowner, you’ll pay for property taxes, mortgage insurance, homeowners insurance, hazard insurance, repairs, maintenance and utilities, to name a few.

    How this affects you: A Bankrate.com survey found that the average homeowner pays $2,000 annually on maintenance services. Not having enough cushion in your monthly budget — or a healthy rainy day fund — can quickly put you in the red if you’re not prepared.

    What to do instead: Your agent or lender can help you crunch numbers on taxes, mortgage insurance and utility bills. Shop around for insurance coverage to get compare quotes. Finally, aim to set aside at least 1 percent to 3 percent of the home’s purchase price annually for repairs and maintenance expenses.

    13. Not lining up gift money

    Many loan programs allow you to use a gift from a family, friend, employer or charity toward your down payment. Not sorting who will provide this money and when, though, can throw a wrench into a loan approval.

    How this affects you: “The time to confirm that the Bank of Mom and Dad is ready, willing and able to provide you with help for your down payment is before you start home shopping,” says Dana Scanlon, a Realtor with Keller Williams Capital Properties in Bethesda, Maryland. “If a buyer ratifies a contract to purchase a home with an understanding that they will be getting gift money, and the gift money fails to materialize, they can lose their earnest money deposit.”

    What to do instead: Have a frank discussion with anyone who offers money as a gift toward your down payment about how much they are offering and when you’ll receive the money. Make a copy of the check or electronic transfer showing how and when the money traded hands from the gift donor to you. Lenders will verify this through bank statements and a signed gift letter.

    14. Not negotiating a homebuyer rebate

    The concept of homebuyer rebates, also known as commission rebates, is an obscure one to most first-time buyers. This is a rebate of up to 1 percent of the home’s sales price, and it comes out of the buyer agent’s commission, says Ben Mizes, founder and CEO of Clever Real Estate based in St. Louis.

    How this affects you: Homebuyer rebates are available in most U.S. states, but not all. Ten states prohibit homebuyer rebates: Alaska, Alabama, Iowa, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Oregon and Tennessee.

    What to do instead: If you live in a state that allows homebuyer rebates, see if your agent is willing to provide this rebate at closing. On a $300,000 home purchase, this can be a $3,000 savings for you so it’s worth asking.

    Source: Deborah Kearns https://www.bankrate.com/real-estate/first-time-homebuyer-mistakes/

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